Page 2 - Oil Marketing Companies
Union Budget 2024 scraps Rs 15,000 crore mega net zero fund for OMCs
Originally announced as a Rs 30,000 crore fund in Budget 2023, the fund was never disbursed
 "Union Budget 2024 scraps Rs 15,000 crore mega net zero fund for OMCs")
IGL, MGL, Guj Gas likely to outperform OMCs; Charts show up to 17% upside
Oil & Gas stocks outlook: Indraprastha Gas and Mahanagar Gas are awaiting a breakout from a narrow trading band, show technical charts.
 "IGL, MGL, Guj Gas likely to outperform OMCs; Charts show up to 17% upside")
Oil, gas exploration offers $100 bn opportunity: Hardeep Singh Puri
Oil marketing companies in talks with Russia for long-term deal, say officials
 "Oil, gas exploration offers $100 bn opportunity: Hardeep Singh Puri")
Indian oil giants, Brazil's Petrobras in talks for long-term crude supply
Indian Oil, Hindustan Petroleum, and Bharat Petroleum are negotiating with Brazilian energy major Petrobras to secure long-term crude oil supply contracts to diversify its energy sources
 "Indian oil giants, Brazil's Petrobras in talks for long-term crude supply")
Oil marketing companies slash commercial LPG cylinder prices by Rs 30
Commercial LPG cylinder prices for July have been further cut by Rs 30, after being reduced by Rs 70 in June. Its aimed at providing relief to enterprises in the food and hospitality industries
 "Oil marketing companies slash commercial LPG cylinder prices by Rs 30")
HPCL, BPCL gain up to 4% on bonus issue plan; IOCL down 2%
The boards of directors of HPCL, and BPCL are scheduled to meet on Thursday, May 9, 2024 to consider bonus issue plan
 "HPCL, BPCL gain up to 4% on bonus issue plan; IOCL down 2%")
HPCL, BPCL, IOC stocks rally up to 4% as oil dips on ME ceasefire hopes
According to reports, Egypt has revived stalled negotiations between the Israel-Hamas for a ceasefire agreement, thereby pushing crude oil prices lower.
 "HPCL, BPCL, IOC stocks rally up to 4% as oil dips on ME ceasefire hopes")
Oil marketing companies to bear latest oil price cut, not govt grant
OMCs have raked in record Rs 69K cr net profit in first 9 months of FY24
 "Oil marketing companies to bear latest oil price cut, not govt grant")
BPCL, HPCL, IOC down for 3rd straight day; slip upto 25% from 52-week highs
In past three days, shares of OMCs have declined between 8 - 12 per cent on concerns that recent petrol and diesel price cut could hurt the companies' profit margins in the near-term.
 "BPCL, HPCL, IOC down for 3rd straight day; slip upto 25% from 52-week highs")
Sensex ends 454 pts lower, Nifty holds 22K; Auto, IT, Power shares weigh
Market wrap on March 15, 2024: Mahindra & Mahindra was the major loser among auto stocks, down 5%; Among others shares of oil marketing companies declined up to 6 per cent post fuel price cut.
 "Sensex ends 454 pts lower, Nifty holds 22K; Auto, IT, Power shares weigh")
Stocks to Watch, March 15: BPCL, IOC, IIFL Finance, Paytm, YES Bank, Biocon
Stocks to Watch on Friday, March 15, 2024: The Centre has reduced prices of petrol and diesel by Rs 2 per litre, effective from March 15, 6 AM
 "Stocks to Watch, March 15: BPCL, IOC, IIFL Finance, Paytm, YES Bank, Biocon")
Oil marketing companies cut petrol, diesel prices after 22 months
Both petrol and diesel to be cheaper by Rs 2 in Delhi from Friday
 "Oil marketing companies cut petrol, diesel prices after 22 months")
Near-term upsides priced into stocks of oil marketing companies
Overall, IOCL and BPCL reported a net profit of Rs 8,063 crore and Rs 3,397 crore respectively, well ahead of Q3FY23 PAT of Rs 448 crore and Rs 1,960 crore
 "Near-term upsides priced into stocks of oil marketing companies")
HPCL, BPCL, IOC slip up to 4% after CLSA recommends Sell; sees 37% decline
Analysts at CLSA believe that HPCL, BPCL and IOC were pricing-in much higher than historical marketing margins, and a notable premium to the global peers
 "HPCL, BPCL, IOC slip up to 4% after CLSA recommends Sell; sees 37% decline")
Dhamra LNG terminal expansion on the anvil, says Adani Total CEO
Dhamra LNG terminal, India's newest and only terminal on the Eastern coast will take advantage of the Urja Ganga and Indradhanush gas grids, to service the region
 "Dhamra LNG terminal expansion on the anvil, says Adani Total CEO")
IOC, BPCL, HPCL: OMCs shares on fire post Interim Budget; check key levels
IOC is likely to trade on a bullish note as long as the stock sustains above Rs 165, suggests the daily chart.
 "IOC, BPCL, HPCL: OMCs shares on fire post Interim Budget; check key levels")
Shell's 2023 profit drops 30% to $28 billion, boosts dividend by 4%
The British company's payouts to shareholders reached around $23 billion in 2023, over 10% of Shell's market value
 "Shell's 2023 profit drops 30% to $28 billion, boosts dividend by 4%")
BPCL Q3 results: Consolidated net profit rises 82% to Rs 3,181 crore
The average gross refining margin (GRM) of BPCL for FY24 came in at $14.72 per barrel as against $20.78 a barrel in the first nine months of FY23
 "BPCL Q3 results: Consolidated net profit rises 82% to Rs 3,181 crore")
Oil marketing companies float a second tender for ethanol supply
But, no mention of ethanol from cane juice and b-heavy molasses
 "Oil marketing companies float a second tender for ethanol supply")
India has no problem in making payment for Russian oil: Hardeep Puri
Puri, who is in charge of the Petroleum and Natural Gas Ministry, said India enjoys a buyers' position and foreign oil suppliers are making offers to its companies
 "India has no problem in making payment for Russian oil: Hardeep Puri")
